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LARSEN & TOUBRO DISPATCHES COKE DRUMS TO LARSEN & TOUBRO’S CONSTRUCTION ARM BAGS
MEXICO ‘SIGNIFICANT’ ORDER IN BANGLADESH
Larsen & Toubro (L&T), heavy engineering arm has dispatched six Larsen & Toubro (L&T), construction arm has bagged a significant’
of the world’s largest coke drums to Mexico. order to construct hi-tech IT parks at eight locations across INTERNATIONAL
These coke drums were successfully manufactured during the Bangladesh. This project is being funded by the Indian EXIM Bank
COVID-19 pandemic at L&T’s state-of-the-art Heavy Engineering and is the first IT and office space order that L&T has secured in
Complex located at Hazira near Surat. Bangladesh. The construction arm of Larsen & Toubro has secured
The heavy engineering arm of Larsen & Toubro, dispatched six an order from the Bangladesh Hi-Tech Park Authority to construct
of the world’s largest coke drums weighing 658 tons each for Hi-Tech IT Parks at 8 locations (2 packages at 4 locations each)
a refinery project in Mexico ordered by PTI Infraestructura de across Bangladesh.
Desarrollo, (PTI-ID), a subsidiary of the Mexico’s state-owned oil The major scope of work for the project comprises procurement
company PEMEX (Petróleos Mexicanos). and construction of seven-storied structural steel buildings at all
These coke drums are part of a delayed coking unit in the PEMEX eight locations. The scope also includes lift, electrical, fire fighting
Dos Bocas Refinery Project, which will convert the residue from the system and public health engineering among others.The project
combined distillation plant into higher-value products. is scheduled to be completed within stringent timelines.

GERA DEVELOPMENTS FORAYS INTO US PROPERTY to turn landmarks in their micro-markets.
MARKET WITH PROJECTS IN SAN FRANCISCO The developer will be undertaking the next two projects in the
Pune-based realty developer Gera Developments has forayed into San Francisco Bay Area independently and these are currently
the US property markets with a total four premium residential-led in the design and approvals phase. The construction for both the
mixed use projects in San Francisco, California with plans to invest completed projects had started shortly before the outbreak of
over $150 million or `1,150 crore. Covid19 and continued throughout the pandemic. Covid19-led
While few developers have ventured into international property lockdowns did not stop or delay the work as residential construction
markets like London, Dubai and Spain, this is the first time an Indian was treated as an essential service by the city of San Francisco.
real estate development company has forayed into the US market. Unlike India, regulations in the US do not permit the sale and
Gera Developments has set up its wholly owned US subsidiary, collection of construction progress payments during construction.
Outdo Inc. to invest in these project special purpose vehicles. Therefore, sales can only take place after the completion
Outdo Inc. owns a 50% stake in the first two projects, while the of construction. Consequently, all banks require projects to
balance is with its partner, a US-based developer. Of these four have 100% final closure prior to the start of construction. The
projects, the developer has completed the construction of two San Francisco condominium market has been soft during the
projects located in the South of Market district in the immediate pandemic, with people preferring to live in single family homes,
proximity of many technology companies including the but is expected to pick up as employees return to offices.
headquarters for public companies Twitter Inc., Dolby Laboratories, Further, the local venture economy continues to be robust as
Inc. and Square Inc. evidenced by 95 initial public offerings (IPOs) by San Francisco
Gera expects both the projects, 1288 Howard on Howard Street Bay Area-based companies in 2021 that raised billions of dollars.
and Le Centre at 42 Otis Street San Francisco, for which the This massive creation of wealth continues to drive demand for
company has invested around $120 million or nearly `900 crore homes.

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